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May 28, 2023
Friday at a glance: the Oats future rose $6.75 to close at $342.75 per bushel Friday which makes for a move of 2%.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $350.16, thereby suggesting that Oats is becoming overvalued.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Oats is set for a reversal in the coming days.
This rally in the CME Oats future's price coincides with other Grains as Rough Rice soars 2.86% Friday and closed at $16.6. Corn went up by 2.41% Friday, and closed at $605. Soybeans is trading around $1,336.25 after ending Friday's session at $1,324 (up 0.93% today).
CME Oats has recovered 11% since descending to a significant low of $302.75 around 26 days ago.
